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Mitul Thakkar (Tax Consultant) 26 June 2019
Yes. It is supply of Service but Exempt under notification.
Entry No. 27 of Notification No. 12/2017- Central Tax (Rate):
Transaction in money where consideration is represented by Interest is supply under GST but the same has been exempted from the purview of GST through exemption notification.
So currently there is no GST on Interest income on deposit.